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Fuel price drop: Petrol prices hit 2018 lows, diesel rates at lowest since March

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In yet another respite to the vehicle users, the prices of fuel witnessed a meagre fall on Tuesday. Following the reduction, the petrol price in Delhi was revised to Rs 69.79 per litre while that in Mumbai was Rs 75.41 per litre.

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The petrol prices were slashed by Rs 0.07 in Delhi and Mumbai. Price of diesel, on the other hand, remained stagnant and was pegged at Rs 63.83 per litre in Delhi and Rs 66.79 per litre in Mumbai.

According to Indian Oil Corporation, petrol today costs Rs 72.41 in Chennai, Rs 71.89 in Kolkata and Rs 70.35 in Bengaluru. A litre of diesel, on the other hand, costs Rs 67.38 in Chennai, Rs 65.95 in Kolkata and 64.18 in Bengaluru.

Importantly, while petrol prices in the four metros are at their lowest levels recorded so far this year, diesel rates are at their lowest levels since March (18-28). The decline in domestic fuel prices comes amid the recent fall in global crude oil prices.

Global crude oil prices plunged more than 6 per cent to the lowest level in more than a year on Monday, pulling back sharply late in the session as fears of an economic slowdown rattled the market.

On Monday, petrol was sold at Rs 70.27 a litre in Delhi, Rs 75.89 in Mumbai, Rs 73.11 in Chennai and Rs 72.36 in Kolkata. In Delhi, Mumbai, Chennai and Kolkata, diesel was priced at Rs 64.19, Rs 67.17, Rs 68.10 and Rs 65.95.

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